KuCoin became the most recent victim of a Twitter hack, which lost consumer assets totalling more than 22,000 USDT.
Due to fake activity created by hackers when KuCoin’s Twitter account was briefly hacked, users of the online platform lost over 22,000 USDT.
The cryptocurrency exchange was able to restore its account and made a commitment to compensate impacted customers.
On Monday, April 24, hackers took control of KuCoin’s Twitter account for 45 minutes in order to promote a false event. Despite the incident’s brief duration, the company reported that it was able to link 22 transactions, including ETH and BTC, to the fraudulent activity, with a total loss of 22,628 USDT.
The cryptocurrency exchange’s Twitter account has since been restored, but it was highlighted that it was the only platform that had been compromised, suggesting that the website and other social media accounts were secure.
As a result of the incident, KuCoin promised to compensate impacted users while conducting investigations and blocking suspect addresses. The platform added that it would strengthen security to avoid any incident of this nature in the future.
— KUCOIN (@kucoincom) April 24, 2023
The most recent development demonstrates how hackers continue to promote fake freebies on popular Twitter accounts in order to defraud people of their financial assets.
Hackers took control of Circle’s Chief Strategy Officer Dante Disparte’s Twitter account and used it to advertise a fake USDC airdrop. Additionally, rogue hackers used News24’s Twitter account to promote an XRP airdrop. Another victim was Robinhood, whose Twitter account was exploited to announce a cryptocurrency that was allegedly developed by the platform.
Cryptocurrency owners are advised not to transmit tokens to anyone who claims to be able to multiply returns. They should also exercise caution when visiting links that seem suspicious as they can be frauds.